| dc.contributor.advisor | 徐燕山 | zh_TW |
| dc.contributor.author (Authors) | 伍思吟 | zh_TW |
| dc.contributor.author (Authors) | Wu, Szu Yin | en_US |
| dc.creator (作者) | 伍思吟 | zh_TW |
| dc.creator (作者) | Wu, Szu Yin | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 17-Sep-2009 19:20:32 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 19:20:32 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 19:20:32 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0094357013 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34068 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 94357013 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 美國初級市場採用詢價圈購做為訂價與配售方式已趨成熟，而非美國地區也有八成採用詢價圈購。在過去幾年中，我國IPO案件仍以全面公開申購作為主要承銷方式，近年主管機關透過制度改革與承銷應與國際接軌聲浪中，我國IPO市場已出現詢價圈購取代全面公開申購之趨勢。為了解詢價圈購的定價效率性，本文以94年承銷改制後採用詢價圈購為訂價方式的初次上市(櫃)公司為例，探討IPO承銷價格的決定因素以及IPO的折價幅度。結果發現承銷商商譽、初始價格區間幅度以及定價日前一個月的興櫃市場價格與IPO價格調整具有顯著關聯，掛牌前一日的興櫃成交均價、掛牌前一個月的大盤與同產業報酬率則與IPO期初報酬率具有顯著正向關連，而掛牌前一日興櫃交易成交均價應可預測掛牌日之收盤價。 | zh_TW |
| dc.description.abstract (摘要) | Bookbuilding has traditionally dominated the primary market in terms of pricing and allocation in the US as well as in the worldwide.While in Taiwan, open offer is the major IPO underwriting method. After several rounds of reformation, bookbuilding has gradually replaced open offer.To examine the efficiency of bookbuilding, we study how underwriters set their offering prices, and the consequent initial returns. We find that underwriter reputation, initial price range, and OTC price are related to the range of price adjustment, while the lagged market return, the lagged industry return and the OTC price of the IPO issue preceeding the offer date are positively related to initial return. | en_US |
| dc.description.tableofcontents | 第壹章 緒論 I第一節 研究背景與動機 1第二節 研究目的 3第三節 研究架構與流程 4第貳章 文獻回顧 6第一節 我國承銷制度介紹 6第二節 文獻回顧 15一、詢價圈購理論探討 15二、承銷價格調整理論 16三、影響IPO期初報酬率因素理論探討 19第叁章 研究方法 23第一節 資料來源與樣本蒐集 23第二節 影響承銷價格調整因素之模型設計 25第三節 影響IPO期初報酬率因素之模型設計 31第肆章 實證結果與分析 39第一節 敘述統計 39第二節 實證結果與分析 51一、承銷價調整幅度之因素探討 51二、影響期初報酬率之因素探討 55三、分組資料分析 60第伍章 結論與建議 66第一節 研究結果 67第二節 研究限制 70第三節 研究建議 71參考文獻 72 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0094357013 | en_US |
| dc.subject (關鍵詞) | 詢價圈購 | zh_TW |
| dc.subject (關鍵詞) | 折價 | zh_TW |
| dc.subject (關鍵詞) | bookbuilding | en_US |
| dc.subject (關鍵詞) | underpricing | en_US |
| dc.subject (關鍵詞) | IPO | en_US |
| dc.title (題名) | IPO承銷價格決定因素與IPO折價因素之探討-以詢價圈購案件為例 | zh_TW |
| dc.title (題名) | Exploration of Factors on IPO Pricing and Underpricing | en_US |
| dc.type (資料類型) | thesis | en |
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